Kvika banki hf.: Landsbankinn's acquisition of TM approved

Kvika Bank Registered Shs

13.80 ISK -3.50%

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The Competition Authority has announced that a settlement has been reached with Landsbankinn regarding the acquisition of 100% of TM tryggingar’s share capital from Kvika bank. As a result, the conditions in the purchase agreement related to the approval of the Financial Supervisory Authority of the Central Bank of Iceland and the Competition Authority have been lifted. The transfer of the insurance company to Landsbankinn is scheduled for February 28, at which time Landsbankinn will pay Kvika bank the agreed purchase price.

As stated in Kvika bank’s announcement on May 30, 2024, the agreed purchase price is ISK 28.6 billion, based on TM’s balance sheet at the beginning of 2024. The final purchase price will be adjusted to reflect changes in TM’s tangible equity from the beginning of 2024 until the closing date.

Following the receipt of the purchase price, Kvika bank’s board intends to propose a special dividend to its shareholders at the Annual General Meeting on March 26. This proposal will be published alongside other board proposals for the AGM no later than March 5.

Please note that this notice is a disclosure of inside information per article 17 of regulation (EU) No 596/2014 on market abuse ("MAR"), which is implemented into Icelandic law with the act on measures against market abuse No 60/2021.